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Macarthur Minerals appoints New York advisor for financing strategy

New York-based EAS Advisors will act as the company’s corporate advisor and has a track record for backing early finance deals for ASX companies.

Macarthur Minerals Ltd - Macarthur Minerals appoints New York advisor for financing strategy
EAS will be incentivised with out-of-the-money stock options

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) has appointed New York-based EAS Advisors to assist it in the financing strategy for its Lake Giles Iron Ore Project near Kalgoorlie in Western Australia.

The boutique global advisory firm is focused on backing early-stage mining and industrial groups to access US and international financial markets and institutional capital.

EAS principal Edward Sugar said he was excited to be working with a company and management team he had known for many years.

Sugar founded EAS in 2008 and has participated in over US$6 billion worth of transactions to date.

The appointment followed recent results from an infill drilling program at Lake Giles featuring results of 101 metres at 28.4% iron from 73 metres and 84 metres at 30.4% iron from 78 metres including 14 metres at 41.2% iron.

EAS has experience backing emerging ASX companies

Macarthur’s executive chairman Cameron McCall said: “As Macarthur moves from exploration through feasibility to production, the appointment of EAS could not come at a better time, especially considering their experience in backing ASX listed mining companies.

“Macarthur is at a key stage as it looks to advance the financing strategy for the development of a magnetite mining and processing facility for its Lake Giles Iron Project.

“We now look forward to working with Macarthur regarding its ongoing finance and development as well as lifting their profile in North America.”

EAS will be paid US$10,000 cash and US$5,000 in shares monthly for eight months and will be issued 2 million options exercisable at prices between 32-38 cents.

JORC resource update underway

The recent significant drill results will be used to upgrade the project’s JORC resource classification to include Indicated and Measured Mineral Resources.

The company recently noted that the updated mineral resource, when completed, will underpin the feasibility study.

Keeping busy since December 2019 IPO

Macarthur commenced trading on the ASX on December 6, 2019, after raising A$5 million through the issue of shares priced at A25 cents each.

Funds from the IPO were primarily assigned to advance the company’s flagship Lake Giles Iron Project in WA’s Yilgarn region, about 175 kilometres northwest of Kalgoorlie-Boulder.

The infill drilling program was completed in late December and comprised 21 RC holes and nine diamond holes.

Quick facts: Macarthur Minerals Ltd

Price: 0.545 AUD

Market: ASX
Market Cap: $55.78 m

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